| The Yield Hunter Let's Make some money and sleep well at night In our 7th Year |
Petrobakken Sucks More Air and B&G Foods Does the Same
February 15, 4 pm
Again PetroBakken gets hit for a 4% loss---this is getting old (of course in the context of a well diversified portfolio it is less
painful). We are not aware of any reason for this to continue to happen---normally we would want to buy more---but this isn't a
good move at this point in time (although with no news it makes sense--but we can do no more than the 2000 shares we have).
The last item we researched in the last 30 days is a projection directly from the company is for distributions at the current level
for the year--this is getting to be a pretty high yield at this price level (11.6% as of now). We are aware that it costs more to
transport some of their production--but with rising crude prices this should not be a factor--also there are pipelines being built
at this moment which will alleviate most of this issue next year. We have no reason to sell--so we will just hold.
B&G Foods released great numbers last night--but apparently a bit under analyst projects. The shares went on sale and we
doubled the small model position and tripled our personal holdings. We think B&G continues to do very well and todays sale
price will be in the rear view mirror in short order.
PartnerRE and General Growth Preferreds to Trade on the NYSE on Monday
February 15, 2013 1 pm
We Are Adding Monthly Payer Trust Preferred Issue Glacier Water Services 9 1/16% (Update)
February 15, 2013 Noon
Had to move to $25.56/share to get this executed.
February 15, 2013 8 am
A reader reminded us of Glacier Water Services 9 1/16% Trust Preferred (ticker:GWSVP) shares today---we will buy these
shares today if we can get them at $25.55/share or lower. This is a very thinly traded issue so limits have to be used. THIS IS A
MONTHLY PAYER.
This issue has been callable since 1/31/2003 and we believe that they would be called if the company could pull it off---but given
the weird balance sheet of Glacier Water Services they haven't been able to get it done---last year they were going to IPO the
company, but couldn't get their price for the shares so the issue was pulled. A NOTE of CAUTION--these could be called at
anytime--we don't believe it will happen, but it is possible. There will be 36 cents per share at risk in a call situation (19 cents
per month interest)
The financials of GWS are kind of 'funky'---they operate with a very high level of debt (and no equity), most of which is the trust
preferred (debentures) we will be buying (remember that trust preferred shares are issued by a trust which was set up by the
sponsoring corporation to purchase debt from the sponsor --thus the sponsor pays tax deductible interest instead of non
deductible dividends--you as the holder of trust preferred are receiving interest--not a dividend).
You can read an article we wrote almost 2 years ago on Seeking Alpha
Also you can check their website out here.
Original offering info is here.
While we do not currently personally own this we will be buying shares (we have owned it off and on for many years). If you
want a company with super clean financials and big profits this is NOT for you. They are a NON filing company (when you have
just a few shareholders you do not have to make SEC filings) thus you must get their numbers from the investor relations page
on their website.
Great Northern Iron Ore Properties (a U.S. Royalty Trust) Continues to Be Held By
Fools Only
February 13, 2013 10 am
In what has become a game of 'who is the bigger fool' investors continue to bid up and hold Great Northern Iron Ore Properties
(ticker:GNI). The shares are now trading around $78/share (there are just 1,500,000 shares outstanding--no doubt held by the
little guys). The shares have traded in a range of
We guarantee that these shares will trade at ZERO in 27 months. This U.S. Royalty Trust will cease operations on April 6, 2015
(just over 2 years from now) and will make a final royalty payment and thats it---done---over----forever.
We know that this has been written about extensively on Seeking Alpha and here on our site---it is soooo simple. The trust paid
out $15.00/share for 2011, $13.50 for 2012 and will announce the first 2013 payment next month.
In the press release of 12/14/2012 the Trust stated "we think 2013 will be a another good year for the Trust, although it is not
anticipated to reach the historical record earnings of the last 2 years".
So we can anticipate maybe $12.00/share in 2013--and absolute best case for 2014 of $15.00/share. We can anticipate the
final payment in May of 2015 of best case $5-$10/share (this is a wild guess). This gives us a best case value of $37/share---
then poof its over. Shares are now at $78---so $40/share can go up in smoke any minute (really no on knows when--but it will
happen).
This matter is as simple as reading this press release from on the Trust.
Cullen/Frost Bankers Offer Preferred Shares (Updated)
February 13, 2013 Noon
These shares will trade on the OTC market starting tomorrow under the temporary ticker CFRPP
February 13, 2013, 8:30 am
Texas banker Cullen/Frost will offer 6 million of shares of a non cumulative preferred stock. The coupon is 5.375%.
Terms are the normal terms. The permanent ticker will be CFR-A. We will post an OTC ticker if one comes available.
This issue is investment grade and suitable to most all income investors. The coupon is a bit low for us to have interest at this
point in time.
Details are here
A Note on New Exchange Traded Debt Issues
February 12, 2013 11:30 am
You will note that most times new exchange traded debt issues do NOT trade on the OTC prior to hitting the big board.
We are not aware of an easy way to find out the exact timing of when these will trade---honestly when we have a high interest
we just plug the ticker into either etrade or Fidelity and see if it is active. We will do some more homework on this issue.
PartnerRE to Issue Preferred (Updated)
February 12, 2013, 1:30 pm
This issue will trade on the OTC market beginning tomorrow with temporary ticker PREFF
February 12, 2013 8 am
PartnerRE, a Bermuda based reinsurance company will issue a non cumulative preferred stock at 5.875%. These are
investment grade rated by Moodys and acceptable for all income investors.
In a new twist PartnerRE has made this offering NON-CUMULATIVE. They have 3 issues outstanding and all are cumulative.
This is jut one more way to lower their risk---they know that yield hungry investors will buy them either way. ALL THINGS BEING
EQUAL we would prefer our holdings to be cumulative, but we would not let that lone issue stop us if we were interested in an
offering.
PartnerRE will us the proceeds to redeem their outstanding 6.75% 'c' issue of preferreds.
The ticker will be PRE-F. Details are here.
Northern Tier Energy MLP Announces Distribution
February 11, 2013 11 pm
Northern Tier Energy MLP (ticker:NTI) announced what we believe is a disappointing distribution tonight. The distribution is
$1.27/share---which is a bit less than we expected--and likely quite a bit less than others expected. The shares had jumped to
over $30/share today before backing off to close at $29.50. After hours shares were off $1.25/share with the distribution
announcement.
If this issue were to go on sale big time tomorrow we could be a buyer---but it would have to fall to around $24-$25. We
currently have 200 shares after selling 200 last week and would just as soon not have the shares fall too much.
Personal Portfolio Holdings
February 10, 2013 8 pm
We have published a listing of our personal portfolio holdings---you will see that it is very similar, but not identical to our 2013
Model, and like the model it is just around 50% invested at this moment.
You will notice we own one issue CardioNet (ticker:BEAT) which is a little medical tech company that we really like---but has
nothing to do with income investing. Also you will note that we currently hold calls on the Proshares Ultrashort S&P500
(equivilent to being short the S&P500 x 2). We have bought and sold options on the S&P 500 and bought and sold options on
the 20 Year Treasury many, many times this year and done very well--but we never would consider them appropriate for 99% of
investors---very high risk with very high reward.
We Will Add These Issues to the 2013 Model
February 10, 2013 6 pm
We will add the following issues to the Model on Monday or Tuesday in an attempt to get more fully invested.
Annaly Capital Management 7.625% Preferred (ticker:NLY-C) - 500 shares
Excel Trust 8.125% Preferred Stock (ticker EXL-B) - 500 shares.
Both of these are preferred shares of REITs that are in the lower end of the quality spectrum--thus the higher coupons. Neither
issues are redeemable until 2017 and trade a bit above par.
Argo Group 6.5% Senior Notes (ticker:AGIIL). Argo is a mid level quality re-insurance company. - 500 shares
Affiliated Managers 6.375% Senior Notes (ticker:MGR). Affiliated is an investment management company of medium quality -
500 shares.
Both of these issues are exchange traded debt issues and are rated investment grade---we consider them suitable for most all
income investors. Neither issue is callable until 2017.
Morgan Stanley 6.25% Trust Preferred (ticker:MWR). These shares are currently callable--but we believe will not be called for
some time---and even if they are there is no damage done as their is little to no premium in the share price - 500 shares.
These buys will bring the Model Portfolio into the 60% invested range.
We see these are relatively core holdings to the model and it would be highly unlikely to be sold in the next 6 months.
NOTE that we will purchase each of these in our personal portfolio.
Master Limited Partnerships and U.S. Royalty Trusts and Other Ramblings
February 10, 2013 3:30 pm
We have been criticised by a few lately on selling Northern Tier MLP (ticker:NTI) and Whiting USA II Trust (ticker:WHZ) from the
2013 Model Portfolio. This gives us an opportunity to once again clarify what we are trying to do - both philosophically and in
reality.
I think that when we describe something as a ‘model’ it implies it is a ‘testing’ of a concept and style. Since 2006 when we first
began publication we described the models as simply testing some concepts and styles---when we had the ‘2009’ and ‘2011
Canadian Income” models we no longer believed in ‘buy and hold’ (and that continues today and will forever I believe). On our
home page today we describe ‘The Yield Hunter’ as highlighting some stocks we like and buy ourselves--additionally we run
some model portfolios testing some ideas such as ‘buy and hold’, ‘high yield’ etc. After running models for a number of years it
became clear that a ‘blended’ approach is the most productive (high yield has too much volitility--high quality too low of a return
etc)--thus we come to today when we have the 2013 Model Income Portfolio. This combines all types of securities focused on
income issues--a blend of high quality and higher risk. For instance we never could have bought Northern Tier Energy (NTI) and
Whiting USA II Trust (WHZ) in a model we called ‘high quality’-- there are no securities that have yields of 15-25% that are high
quality.
Master Limited Partnerships (MLP’s) are securities that we would not buy for a long term hold UNLESS they were ‘seasoned’
partnerships. For instance the model has TC Pipelines (ticker:TCP) in it. TC Pipelines has been in business since 1999 and has
raised distributions every year since that time. We had Northern Tier Energy MLP (ticker:NTI) which has been partially sold.
When this was purchased we described it on January 18th (below) as ‘one of the models dicer issues (more speculative)’.
While we would rather just ‘buy and hold’, when you have a 3 week gain of 18%, on your most speculative holding, you have to
consider the risk/reward of holding when they will be announcing the next distribution either Tuesday or Wednesday next week
and they have no history. To us a good strategy is to sell ½ to bank the gain and hold ½ for the future. Bottom line is that new
MLP’s can be somewhat speculative and quick, sizable gains should be sold---seasoned issues are for investing on a longer
term basis.
U.S. Royalty Trusts are the most dicey of all the asset classes we own--they are totally driven by the underlying commodities
they are based on and you should have a strong conviction on the commodity---you should be a oil/gas bull--iron ore bull etc if
you are a buyer. Distributions go way up and they fall sharply. Because of the wide swings the Royalty Trusts have very volatile
share prices. We bought Whiting USA Trust II (ticker:WHZ) when it went on ‘sale’--it fell to around $14.50 in December--for no
reason (in our mind) from $18 the month before--so we picked some up as obviously even if the distribution was cut our buy
price was solid. Now when it turns and gains 20% in 2 ½ months again we must weigh the risk/reward--the answer again is to
sell half---nothing at all wrong about booking a nice profit. Whiting USA Trust II has a relatively short history and their results
have been less than stellar---at least at a price of $17-20. But at $14.50 it was fine.
On both Northern Tier and Whiting USA Trust II we have sold just half positions--leaving us with reasonable exposure for further
gains (or losses). We believe this is a very good strategy--we have to remember that the goal of the model is a 7% gain while
sleeping well at night. If you do not lock down gains and they turn to losses you can not make the 7% goal---the 5% to 6.5% you
can earn on the safer issues (preferreds and exchange traded debt) will not get you to the goal most likely as the ability to earn
capital gains on them is getting more limited by the day--so MLP’s, Royalty Trusts, REITs and common stock offer you the
potential to meet and beat the goal.
Does the relative quick buying and selling of these and other issues expose our readers to losses? We don’t think so. First off
when these 2 issues were bought they were at ‘sale’ prices for a number of days. Secondly when Whiting was sold it was at
our sale price for a number of days---Northern Tier was at the sale price all of Friday and likely will be for another day or 2---and
maybe it will sprint higher yet.
So as we move through the year if you want to ensure you have the info from us immediately please sign up for Twitter. While
Twitter can be too much info we set up our account so that readers that want the info quick have it within minutes of our
decision making. We personally follow just a few folks---others we would like to follow we don’t because they send too many
messages--20 a day or more and most of it is worthless chatter. We send on average 1 every day or two--just when we take
an action (although sometimes we forget but mostly we send and hopefully will be more conditioned to do so in the future).
So we have laid out our thoughts on MLP’s and Royalty Trusts---we could pontificate forever but won’t. We know that some
disagree with us---but we have around 15,000 readers of which 5,000 are on site continuously and we will be unable to satisfy
everyone.
A Weekend Project--MLP's and U.S. Royalty Trusts
February 8, 2013 1:30 pm
We are getting questions on Whiting USA Trust II (ticker:WHZ). As you recall we sold a half position last Friday--today they
announced weak results and distributions--shares are off $1.25 on the news.
Of course you should note below that we sold a 1/2 position in Northern Tier MLP below just this morning -- for the same reason
we sold a 1/2 position in Whiting---when you can't predict the distributions very well on some of the volatile issues sometimes
you just have to take your profits.
We will try to write extensively this weekend on the MLP's and Royalty Trusts.
For holders of WHZ we wouldn't lay awake nights with todays drop---WHZ realized just $79/Barrel for their crude last quarter--
and with oil racing higher this quarter we could see a very nice payout next quarter---and yes we agree with one reader who
noted that this Trust has performed poorly since inception (relative to historical movements in these Trusts). We don't know if
it is shitty management or just bad timing--but we will dig deeper this weekend.
Selling Half Position in Northern Tier MLP
February 8, 2013 9 am
As Northern Tier MLP (ticker:NTI) flies this morning (again) we have sold half of our holdings (at $28.00). While we just have
had the issue for 3 weeks it is clear that buyers are anticipating another huge distribution (to be announced next week). While
their profits come almost entirely from refining and most refiners are doing very well---you just never know--so we bank a
quick $3.50/share profit.
Recall this went on sale on January 17-18 and we put out a note to that effect--and bought shares on sale. We noted at the time
that this was one of the more speculative issues in the portfolio.
ARMOUR Residential REIT to Float Another Monthly Pay Preferred (Updated)
February 7, 2013 11 am
February 8, 2013 8 am
Prices at 7.87%
Armour Residential REIT has announced another Monthly Pay Preferred.
The permanent ticker will be ARR-B.
Final details are not known yet--we are guessing a coupon of around 8%--we may be a buyer in the model for these depending
on the final pricing. This should be considered to be a low quality issue--generally not for the most conservative income
investors.
Preliminary details are here.
Mall Operator, General Growth Properties (a REIT) Offers Preferred Shares
February 6, 2013 11:30 pm
General Growth Properties is offering a 6.375% cumulative, redeemable perpetual preferred stock. The shares have the
normal features--redeemable in 5 years at par ($25), plus accrued dividends.
The permanent ticker will be GGP-A. It likely will trade on the OTC market--but the ticker is currently unknown.
We have not researched General Growth for many years--but we are leery of any of the mall operators on a long term basis.
Details on the new issue are here.
Selective Insurance Group Offers 5.875% Senior Notes
February 5, 2012 11 pm
Selective Insurance Group is offering $175 million in $25/share 5.875% Senior Notes. The investment grade notes will have the
normal terms---callable in 5 years at par plus accrued interest.
The ticker will be SGZA when they begin trading on the NYSE. If they should trade on the OTC prior to the big board we will post
the ticker.
This is a conservative issue and good for all income investors. We will be buying a position for the Model.
Details of the issue are here.
Yesterday -- a Reminder of Our Dangerous Markets
February 5, 2013 8 am
We go for weeks and weeks and no matter the news and the realty of economic events the markets go up. Then all of a sudden
a fairly large drop in the markets---everyone all of a sudden remembers that none of the pending economic problems have
been fixed-or even talked about.
Europe is a mess with most countries in recession--and no real sign that the economy can improve in the next year or two. The
U.S. continues to borrow 30 or 40% of each dollar spent by the government. There is a huge sequestration on March 1 coming
(and to see the results of the effect on the economy one only has to look at the negative GDP for last quarter in the U.S. which
was caused by reduced goverenment spending).
While the preferred stock area has essentially avoided large drops in the past our DYH Preferred Closed End Fund Index took a
2/3% drop. It only takes a few drops like this to equal real money to an income investor.
What does this mean to the income investor? Northing now---you can't really predict the markets--and you can't react to daily
wiggles in the markets---BUT it is a reminder that investing has been easy recently and this will change. One may want to avoid
riskier assets for a bit--MLP's and REITs and stick with the highest quality--but beyond that we have to simply move ahead.
A Couple New Preferreds
February 3, 2013 10 pm
There are a couple new preferreds that have come to market that we hadn't touched on before..
Arbor Realty Trust 8.25% Cumulative, Redeemable Preferred has started trading in the OTC market under the symbol ABRPP
and closed at $25.10 on Friday (trading in a range of $24.95-$25.10. This is a rather low quality issue (in our opinion - it is
unrated) and not suitable for conservative investors.
Details are here.
Federal Agricultural Mortgage (FarmerMac) is coming to market with a quality issue--a 5.875% Non Cumulative Preferred. The
shares are trading under the ticker AGM-A and closed Friday at $24.68 ( current yield of just over 5.9%). While this issue is
unrated it is a quality issue with Federal Agricultural Mortgage just coming off a record year. FarmerMac is not a direct lender
to borrowers, but works with lenders (somewhat like FannieMae--except strongly solvent). We are a buyer of 600 shares for
the model portfolio tomorrow. This offering is reasonable even for conservative income investors.
Details are here
Have Higher Interest Rates Hurt Preferred Stock Prices?
February 1, 2013 6 pm
Conventional wisdom is that as interest rates rise values of income oriented securities fall (preferred stocks, debt of all sort
etc.). While in general we know this to be true we question whether it as pure and easy as the smart guys want us to think.
In an attempt to answer this question we are working up some new 'indexes' and charts that will attempt to quantify what level
of interest rate increases really damage income investments.
Our 1st Index we are calling the DYH Preferred Stock Closed End Fund Index. This index is composed of the total value of a
share of each Preferred Stock Closed End Fund we follow on our Preferred Stock - Closed End Funds and ETF page (divided by
2 to make the number manageable). We then track that Index against the 10 year Treasury. We update this on Friday of each
week. It should be noted that all of the closed end funds are leveraged so the movement is exaggerated---but directionally the
same as a non leveraged fund.
We will be doing the same with the Preferred Stock ETF's which are non leveraged--we will launch this one next week.
Here is the first chart of the DYH Preferred Stock Closed End Fund index versus the 10 year Treasury.
As you can see we go back just nine weeks. During this short time frame the 10 year Treasury shot up from a low of around
1.63% to over 2% today. The Index rose until this week when it fell around 1/2% (remember that these closed end funds are
leveraged by about 30% so the 1/2% fall is exaggerated compared to a non leveraged account). So our conclusion so far is that
moves of around 30 basis points in rates will hurt your capital by around 1/4%-1/2% (the equivalent of a $25 preferred falling by
6 to12 cents)----so just now they hurt---but hardly enough to notice.
We have made adjustments in the index to account for the dividends paid by the closed end funds.
While Model is Just 51% Invested We Consider Some Sales
February 1, 2013 Noon
While our new model just started up with a few purchases in November and today is at 51% we must consider options for those
issues that have sprinted way up since purchase.
We purchased Whiting USA Trust II on 12/12/12 for $14.96/share--today it is at $17.26. As we look at the reasons why it fell to
where we bought and where it is now we find - there is no real reason - just folks chasing yield. With a 15% gain in 6 weeks we
will sell 500 shares of our 1000 share position.
B&G Foods is up 10% since purchase on 1/3/13--less than a month ago. There has been some acquisition talk--but we think
they are a fine holding for long term growth so will maintain our position.
TC Pipeline (a MLP) is up 10% on one purchase and 4.3% on our second purchase--all in just a month. We are bullish on fee
based, established pipeline companies and TC fits the bill. We will maintain our positions on this MLP.
Virtually all of our holdings have decent gains (even PetroBakken is getting a nice bump today), but we will maintain (and add
more issues) as there is no sign that income issues have been damaged by the interest rate rise of the last couple weeks.
Vornado Realty Trust Preferred Trades on the NYSE Tomorrow
January 31, 2013 3 pm
Vornado 5.4% Preferred will begin trading tomorrow on the big board. The ticker is VNO-L.
The issue has been trading on the OTC and is 24.70 today.
Issue details are here
Homeowners Choice Inc (a Florida Insurance Company) 8% Debt Now Trading
January 31, 2013 11 am
We are informed by our readers that Homeowners Choice 8% exchange traded debt shares are now trading under the ticker
HCJ.
We covered this on 1/14/2013 below. The details are here.
Shares opened at $25.50 before zooming to $26.40--now at $26.25
We are buyers for ourselves and the model portfolio (hopefully at a reasonable price). These are callable in 3 years instead of
the normal 5 so there is a bit of 'yield to call' risk at these price levels (if they were called in 3 years). We think the likelihood of
them being called then is remote as interest rates will be higher by then ( I think). These are NOT investment grade so the most
conservative investors may not want to consider these shares.
FirstMerit Corp (a Ohio Bank) Launches 5.875% Non Cumulative Preferred
January 30, 2013 11:30 pm
FirstMerit Corp has launched a Non Cumulative Redeemable Preferred stock offering.
The shares are rated low investment grade by both Moodys and S&P--but with negative outlook. The most conservative
income investors should pass this by.
The shares will trade under the symbol of FMCP---but began trading today under the OTC temporary symbol of FMERL. Shares
opened at $24 before moving to $25.00 and closing at $24.50
The details are here.
JP Morgan Sneaks in a $25/share Preferred Issue
January 30, 2013 9 pm
JP Morgan has a 5.45% investment grade (investment grade per S&P--1 grade below per Moodys) non cumulative preferred
stock which will start trading on the OTC market tomorrow.
The shares have the normal terms -- redeemable in 5 years at par plus accrued dividends.
The temporary OTC symbol will be JPMSL. We believe these shares will trade around $24.80---with little upside in the future.
Their 5.5% issue currently trades at $24.98. These shares are good for most all income investors although you will not get rich
buying these shares.
Details are here.
CapLease Inc (a REIT) Preferred Begins Trading
January 30, 2013 4:30 pm
A reader informed us (thanks Howard) that CapLease 7.25% Preferred (ticker:LSE-C) (issue announced below earlier this
month) came to market today. It did not trade on the OTC pre big board. The shares opened at $24 then climbed to a close of
$25.43---wow.
We did not have much interest in this issue, but obviously a lot of folks wanted it bad. If you are interested we would caution
that you not chase this hard--there are too many equal or better opportunities out there. If you want it have some patience and
see if it comes back down somewhat.
Saul Centers Launches $25/Share 6.875% Preferred Offering
January 29, 2013 11:30 pm
Saul Centers (a REIT) has price a new offering of Cumulative, Redeemable Preferred stock at 6.875%. The proceeds will likely
be used to call their 9% and some of their 8% preferred issues currently outstanding. These shares are not rated by Moodys or
S&P. These shares are probably ok if they can be bought at par for most income investors excepting the most conservative
investors.
The ticker will be BFS-C---if a temporary OTC ticker becomes available we will post it.
Details are here.
NuStar Logistics $25 Subordinated Notes Begin Trading---We Will Be Buyers
January 29, 2013 11:30 pm
NuStar Logistics 7.625% notes began trading today on the NYSE. They immediately opened high at $25,74--but drifted down to
close at $25.67 (the shares should move into the $26.00 area very soon). We will buy 600 shares tomorrow around this price.
These notes have a fixed rate until 2018 then the rate floats.
These shares are rated below investment grade but may be appropriate for all income investors except the most conservative.
We covered these below on January 21st---the details are here.
Zions Bancorporation to Issue Fixed to Floating Preferred
January 28, 2013 11 pm
Zions Bancorporation will auction 8 million shares of a non-cumulative perpetual preferred stock -- the interest rate will be
somewhere between 5.3 and 6.3%---to be determined after a dutch auction. Please note that these are only being offered in the
IPO through the Zions Direct Auction site and if you want to get them first you will have to open an account.
The ticker on this issue will be ZB-G when they hit the big board--whether they trade on the OTC is questionable. These shares
are rated B1 by Moodys (recently raised from B3). In an interesting twist they are not redeemable for 10 years.
Some of the details are here.
We have no intention on buying this issue on the IPO---if they trade OTC we may consider them, but the potential rate on them
seems kind of skimpy for a speculatively rated bank. We believe that all investors can do better than this issue--whether you
are conservative or not.
KKR Financial $25 Preferred To Start NYSE Trading Tomorrow
January 27, 2013 11 pm
KKR Financial 7.375% Preferred shares will start trading tomorrow on the big board with the ticker KFP. We purchased these
shares on the OTC market for $25/hare 2 weeks ago. These shares are decent yet for all but conservative investors---but as
you can see you will be paying 2% more than we did buying them on the OTC. When you can get these on the OTC you will
almost always get better pricing--you must use limit orders that are reasonable (essentially around the current trading level--
plus or minus a nickel) and be patient. Not all new issues trade on the OTC prior to big board listing---when they do we try to
show the OTC temporary ticker on this page ASAP.
First Horizon National Corp Selling 6.2% Non Cumulative Preferred
January 24, 2013 11:30 pm
Tennesee banking company First Horizon has announced a 6.2% Non Cumulative, Redeemable Preferred stock.
These are NON cumulative and redeemable in just over 5 years (April, 2013). They are rated Ba1 by Moodys (high speculative
grade). These are likely suitable to all except the most conservative investor.
The NYSE ticker is FHN-A. We will post the OTC symbol when/if one becomes available.
Details are here.
February 15, 4 pm
Again PetroBakken gets hit for a 4% loss---this is getting old (of course in the context of a well diversified portfolio it is less
painful). We are not aware of any reason for this to continue to happen---normally we would want to buy more---but this isn't a
good move at this point in time (although with no news it makes sense--but we can do no more than the 2000 shares we have).
The last item we researched in the last 30 days is a projection directly from the company is for distributions at the current level
for the year--this is getting to be a pretty high yield at this price level (11.6% as of now). We are aware that it costs more to
transport some of their production--but with rising crude prices this should not be a factor--also there are pipelines being built
at this moment which will alleviate most of this issue next year. We have no reason to sell--so we will just hold.
B&G Foods released great numbers last night--but apparently a bit under analyst projects. The shares went on sale and we
doubled the small model position and tripled our personal holdings. We think B&G continues to do very well and todays sale
price will be in the rear view mirror in short order.
PartnerRE and General Growth Preferreds to Trade on the NYSE on Monday
February 15, 2013 1 pm
We Are Adding Monthly Payer Trust Preferred Issue Glacier Water Services 9 1/16% (Update)
February 15, 2013 Noon
Had to move to $25.56/share to get this executed.
February 15, 2013 8 am
A reader reminded us of Glacier Water Services 9 1/16% Trust Preferred (ticker:GWSVP) shares today---we will buy these
shares today if we can get them at $25.55/share or lower. This is a very thinly traded issue so limits have to be used. THIS IS A
MONTHLY PAYER.
This issue has been callable since 1/31/2003 and we believe that they would be called if the company could pull it off---but given
the weird balance sheet of Glacier Water Services they haven't been able to get it done---last year they were going to IPO the
company, but couldn't get their price for the shares so the issue was pulled. A NOTE of CAUTION--these could be called at
anytime--we don't believe it will happen, but it is possible. There will be 36 cents per share at risk in a call situation (19 cents
per month interest)
The financials of GWS are kind of 'funky'---they operate with a very high level of debt (and no equity), most of which is the trust
preferred (debentures) we will be buying (remember that trust preferred shares are issued by a trust which was set up by the
sponsoring corporation to purchase debt from the sponsor --thus the sponsor pays tax deductible interest instead of non
deductible dividends--you as the holder of trust preferred are receiving interest--not a dividend).
You can read an article we wrote almost 2 years ago on Seeking Alpha
Also you can check their website out here.
Original offering info is here.
While we do not currently personally own this we will be buying shares (we have owned it off and on for many years). If you
want a company with super clean financials and big profits this is NOT for you. They are a NON filing company (when you have
just a few shareholders you do not have to make SEC filings) thus you must get their numbers from the investor relations page
on their website.
Great Northern Iron Ore Properties (a U.S. Royalty Trust) Continues to Be Held By
Fools Only
February 13, 2013 10 am
In what has become a game of 'who is the bigger fool' investors continue to bid up and hold Great Northern Iron Ore Properties
(ticker:GNI). The shares are now trading around $78/share (there are just 1,500,000 shares outstanding--no doubt held by the
little guys). The shares have traded in a range of
We guarantee that these shares will trade at ZERO in 27 months. This U.S. Royalty Trust will cease operations on April 6, 2015
(just over 2 years from now) and will make a final royalty payment and thats it---done---over----forever.
We know that this has been written about extensively on Seeking Alpha and here on our site---it is soooo simple. The trust paid
out $15.00/share for 2011, $13.50 for 2012 and will announce the first 2013 payment next month.
In the press release of 12/14/2012 the Trust stated "we think 2013 will be a another good year for the Trust, although it is not
anticipated to reach the historical record earnings of the last 2 years".
So we can anticipate maybe $12.00/share in 2013--and absolute best case for 2014 of $15.00/share. We can anticipate the
final payment in May of 2015 of best case $5-$10/share (this is a wild guess). This gives us a best case value of $37/share---
then poof its over. Shares are now at $78---so $40/share can go up in smoke any minute (really no on knows when--but it will
happen).
This matter is as simple as reading this press release from on the Trust.
Cullen/Frost Bankers Offer Preferred Shares (Updated)
February 13, 2013 Noon
These shares will trade on the OTC market starting tomorrow under the temporary ticker CFRPP
February 13, 2013, 8:30 am
Texas banker Cullen/Frost will offer 6 million of shares of a non cumulative preferred stock. The coupon is 5.375%.
Terms are the normal terms. The permanent ticker will be CFR-A. We will post an OTC ticker if one comes available.
This issue is investment grade and suitable to most all income investors. The coupon is a bit low for us to have interest at this
point in time.
Details are here
A Note on New Exchange Traded Debt Issues
February 12, 2013 11:30 am
You will note that most times new exchange traded debt issues do NOT trade on the OTC prior to hitting the big board.
We are not aware of an easy way to find out the exact timing of when these will trade---honestly when we have a high interest
we just plug the ticker into either etrade or Fidelity and see if it is active. We will do some more homework on this issue.
PartnerRE to Issue Preferred (Updated)
February 12, 2013, 1:30 pm
This issue will trade on the OTC market beginning tomorrow with temporary ticker PREFF
February 12, 2013 8 am
PartnerRE, a Bermuda based reinsurance company will issue a non cumulative preferred stock at 5.875%. These are
investment grade rated by Moodys and acceptable for all income investors.
In a new twist PartnerRE has made this offering NON-CUMULATIVE. They have 3 issues outstanding and all are cumulative.
This is jut one more way to lower their risk---they know that yield hungry investors will buy them either way. ALL THINGS BEING
EQUAL we would prefer our holdings to be cumulative, but we would not let that lone issue stop us if we were interested in an
offering.
PartnerRE will us the proceeds to redeem their outstanding 6.75% 'c' issue of preferreds.
The ticker will be PRE-F. Details are here.
Northern Tier Energy MLP Announces Distribution
February 11, 2013 11 pm
Northern Tier Energy MLP (ticker:NTI) announced what we believe is a disappointing distribution tonight. The distribution is
$1.27/share---which is a bit less than we expected--and likely quite a bit less than others expected. The shares had jumped to
over $30/share today before backing off to close at $29.50. After hours shares were off $1.25/share with the distribution
announcement.
If this issue were to go on sale big time tomorrow we could be a buyer---but it would have to fall to around $24-$25. We
currently have 200 shares after selling 200 last week and would just as soon not have the shares fall too much.
Personal Portfolio Holdings
February 10, 2013 8 pm
We have published a listing of our personal portfolio holdings---you will see that it is very similar, but not identical to our 2013
Model, and like the model it is just around 50% invested at this moment.
You will notice we own one issue CardioNet (ticker:BEAT) which is a little medical tech company that we really like---but has
nothing to do with income investing. Also you will note that we currently hold calls on the Proshares Ultrashort S&P500
(equivilent to being short the S&P500 x 2). We have bought and sold options on the S&P 500 and bought and sold options on
the 20 Year Treasury many, many times this year and done very well--but we never would consider them appropriate for 99% of
investors---very high risk with very high reward.
We Will Add These Issues to the 2013 Model
February 10, 2013 6 pm
We will add the following issues to the Model on Monday or Tuesday in an attempt to get more fully invested.
Annaly Capital Management 7.625% Preferred (ticker:NLY-C) - 500 shares
Excel Trust 8.125% Preferred Stock (ticker EXL-B) - 500 shares.
Both of these are preferred shares of REITs that are in the lower end of the quality spectrum--thus the higher coupons. Neither
issues are redeemable until 2017 and trade a bit above par.
Argo Group 6.5% Senior Notes (ticker:AGIIL). Argo is a mid level quality re-insurance company. - 500 shares
Affiliated Managers 6.375% Senior Notes (ticker:MGR). Affiliated is an investment management company of medium quality -
500 shares.
Both of these issues are exchange traded debt issues and are rated investment grade---we consider them suitable for most all
income investors. Neither issue is callable until 2017.
Morgan Stanley 6.25% Trust Preferred (ticker:MWR). These shares are currently callable--but we believe will not be called for
some time---and even if they are there is no damage done as their is little to no premium in the share price - 500 shares.
These buys will bring the Model Portfolio into the 60% invested range.
We see these are relatively core holdings to the model and it would be highly unlikely to be sold in the next 6 months.
NOTE that we will purchase each of these in our personal portfolio.
Master Limited Partnerships and U.S. Royalty Trusts and Other Ramblings
February 10, 2013 3:30 pm
We have been criticised by a few lately on selling Northern Tier MLP (ticker:NTI) and Whiting USA II Trust (ticker:WHZ) from the
2013 Model Portfolio. This gives us an opportunity to once again clarify what we are trying to do - both philosophically and in
reality.
I think that when we describe something as a ‘model’ it implies it is a ‘testing’ of a concept and style. Since 2006 when we first
began publication we described the models as simply testing some concepts and styles---when we had the ‘2009’ and ‘2011
Canadian Income” models we no longer believed in ‘buy and hold’ (and that continues today and will forever I believe). On our
home page today we describe ‘The Yield Hunter’ as highlighting some stocks we like and buy ourselves--additionally we run
some model portfolios testing some ideas such as ‘buy and hold’, ‘high yield’ etc. After running models for a number of years it
became clear that a ‘blended’ approach is the most productive (high yield has too much volitility--high quality too low of a return
etc)--thus we come to today when we have the 2013 Model Income Portfolio. This combines all types of securities focused on
income issues--a blend of high quality and higher risk. For instance we never could have bought Northern Tier Energy (NTI) and
Whiting USA II Trust (WHZ) in a model we called ‘high quality’-- there are no securities that have yields of 15-25% that are high
quality.
Master Limited Partnerships (MLP’s) are securities that we would not buy for a long term hold UNLESS they were ‘seasoned’
partnerships. For instance the model has TC Pipelines (ticker:TCP) in it. TC Pipelines has been in business since 1999 and has
raised distributions every year since that time. We had Northern Tier Energy MLP (ticker:NTI) which has been partially sold.
When this was purchased we described it on January 18th (below) as ‘one of the models dicer issues (more speculative)’.
While we would rather just ‘buy and hold’, when you have a 3 week gain of 18%, on your most speculative holding, you have to
consider the risk/reward of holding when they will be announcing the next distribution either Tuesday or Wednesday next week
and they have no history. To us a good strategy is to sell ½ to bank the gain and hold ½ for the future. Bottom line is that new
MLP’s can be somewhat speculative and quick, sizable gains should be sold---seasoned issues are for investing on a longer
term basis.
U.S. Royalty Trusts are the most dicey of all the asset classes we own--they are totally driven by the underlying commodities
they are based on and you should have a strong conviction on the commodity---you should be a oil/gas bull--iron ore bull etc if
you are a buyer. Distributions go way up and they fall sharply. Because of the wide swings the Royalty Trusts have very volatile
share prices. We bought Whiting USA Trust II (ticker:WHZ) when it went on ‘sale’--it fell to around $14.50 in December--for no
reason (in our mind) from $18 the month before--so we picked some up as obviously even if the distribution was cut our buy
price was solid. Now when it turns and gains 20% in 2 ½ months again we must weigh the risk/reward--the answer again is to
sell half---nothing at all wrong about booking a nice profit. Whiting USA Trust II has a relatively short history and their results
have been less than stellar---at least at a price of $17-20. But at $14.50 it was fine.
On both Northern Tier and Whiting USA Trust II we have sold just half positions--leaving us with reasonable exposure for further
gains (or losses). We believe this is a very good strategy--we have to remember that the goal of the model is a 7% gain while
sleeping well at night. If you do not lock down gains and they turn to losses you can not make the 7% goal---the 5% to 6.5% you
can earn on the safer issues (preferreds and exchange traded debt) will not get you to the goal most likely as the ability to earn
capital gains on them is getting more limited by the day--so MLP’s, Royalty Trusts, REITs and common stock offer you the
potential to meet and beat the goal.
Does the relative quick buying and selling of these and other issues expose our readers to losses? We don’t think so. First off
when these 2 issues were bought they were at ‘sale’ prices for a number of days. Secondly when Whiting was sold it was at
our sale price for a number of days---Northern Tier was at the sale price all of Friday and likely will be for another day or 2---and
maybe it will sprint higher yet.
So as we move through the year if you want to ensure you have the info from us immediately please sign up for Twitter. While
Twitter can be too much info we set up our account so that readers that want the info quick have it within minutes of our
decision making. We personally follow just a few folks---others we would like to follow we don’t because they send too many
messages--20 a day or more and most of it is worthless chatter. We send on average 1 every day or two--just when we take
an action (although sometimes we forget but mostly we send and hopefully will be more conditioned to do so in the future).
So we have laid out our thoughts on MLP’s and Royalty Trusts---we could pontificate forever but won’t. We know that some
disagree with us---but we have around 15,000 readers of which 5,000 are on site continuously and we will be unable to satisfy
everyone.
A Weekend Project--MLP's and U.S. Royalty Trusts
February 8, 2013 1:30 pm
We are getting questions on Whiting USA Trust II (ticker:WHZ). As you recall we sold a half position last Friday--today they
announced weak results and distributions--shares are off $1.25 on the news.
Of course you should note below that we sold a 1/2 position in Northern Tier MLP below just this morning -- for the same reason
we sold a 1/2 position in Whiting---when you can't predict the distributions very well on some of the volatile issues sometimes
you just have to take your profits.
We will try to write extensively this weekend on the MLP's and Royalty Trusts.
For holders of WHZ we wouldn't lay awake nights with todays drop---WHZ realized just $79/Barrel for their crude last quarter--
and with oil racing higher this quarter we could see a very nice payout next quarter---and yes we agree with one reader who
noted that this Trust has performed poorly since inception (relative to historical movements in these Trusts). We don't know if
it is shitty management or just bad timing--but we will dig deeper this weekend.
Selling Half Position in Northern Tier MLP
February 8, 2013 9 am
As Northern Tier MLP (ticker:NTI) flies this morning (again) we have sold half of our holdings (at $28.00). While we just have
had the issue for 3 weeks it is clear that buyers are anticipating another huge distribution (to be announced next week). While
their profits come almost entirely from refining and most refiners are doing very well---you just never know--so we bank a
quick $3.50/share profit.
Recall this went on sale on January 17-18 and we put out a note to that effect--and bought shares on sale. We noted at the time
that this was one of the more speculative issues in the portfolio.
ARMOUR Residential REIT to Float Another Monthly Pay Preferred (Updated)
February 7, 2013 11 am
February 8, 2013 8 am
Prices at 7.87%
Armour Residential REIT has announced another Monthly Pay Preferred.
The permanent ticker will be ARR-B.
Final details are not known yet--we are guessing a coupon of around 8%--we may be a buyer in the model for these depending
on the final pricing. This should be considered to be a low quality issue--generally not for the most conservative income
investors.
Preliminary details are here.
Mall Operator, General Growth Properties (a REIT) Offers Preferred Shares
February 6, 2013 11:30 pm
General Growth Properties is offering a 6.375% cumulative, redeemable perpetual preferred stock. The shares have the
normal features--redeemable in 5 years at par ($25), plus accrued dividends.
The permanent ticker will be GGP-A. It likely will trade on the OTC market--but the ticker is currently unknown.
We have not researched General Growth for many years--but we are leery of any of the mall operators on a long term basis.
Details on the new issue are here.
Selective Insurance Group Offers 5.875% Senior Notes
February 5, 2012 11 pm
Selective Insurance Group is offering $175 million in $25/share 5.875% Senior Notes. The investment grade notes will have the
normal terms---callable in 5 years at par plus accrued interest.
The ticker will be SGZA when they begin trading on the NYSE. If they should trade on the OTC prior to the big board we will post
the ticker.
This is a conservative issue and good for all income investors. We will be buying a position for the Model.
Details of the issue are here.
Yesterday -- a Reminder of Our Dangerous Markets
February 5, 2013 8 am
We go for weeks and weeks and no matter the news and the realty of economic events the markets go up. Then all of a sudden
a fairly large drop in the markets---everyone all of a sudden remembers that none of the pending economic problems have
been fixed-or even talked about.
Europe is a mess with most countries in recession--and no real sign that the economy can improve in the next year or two. The
U.S. continues to borrow 30 or 40% of each dollar spent by the government. There is a huge sequestration on March 1 coming
(and to see the results of the effect on the economy one only has to look at the negative GDP for last quarter in the U.S. which
was caused by reduced goverenment spending).
While the preferred stock area has essentially avoided large drops in the past our DYH Preferred Closed End Fund Index took a
2/3% drop. It only takes a few drops like this to equal real money to an income investor.
What does this mean to the income investor? Northing now---you can't really predict the markets--and you can't react to daily
wiggles in the markets---BUT it is a reminder that investing has been easy recently and this will change. One may want to avoid
riskier assets for a bit--MLP's and REITs and stick with the highest quality--but beyond that we have to simply move ahead.
A Couple New Preferreds
February 3, 2013 10 pm
There are a couple new preferreds that have come to market that we hadn't touched on before..
Arbor Realty Trust 8.25% Cumulative, Redeemable Preferred has started trading in the OTC market under the symbol ABRPP
and closed at $25.10 on Friday (trading in a range of $24.95-$25.10. This is a rather low quality issue (in our opinion - it is
unrated) and not suitable for conservative investors.
Details are here.
Federal Agricultural Mortgage (FarmerMac) is coming to market with a quality issue--a 5.875% Non Cumulative Preferred. The
shares are trading under the ticker AGM-A and closed Friday at $24.68 ( current yield of just over 5.9%). While this issue is
unrated it is a quality issue with Federal Agricultural Mortgage just coming off a record year. FarmerMac is not a direct lender
to borrowers, but works with lenders (somewhat like FannieMae--except strongly solvent). We are a buyer of 600 shares for
the model portfolio tomorrow. This offering is reasonable even for conservative income investors.
Details are here
Have Higher Interest Rates Hurt Preferred Stock Prices?
February 1, 2013 6 pm
Conventional wisdom is that as interest rates rise values of income oriented securities fall (preferred stocks, debt of all sort
etc.). While in general we know this to be true we question whether it as pure and easy as the smart guys want us to think.
In an attempt to answer this question we are working up some new 'indexes' and charts that will attempt to quantify what level
of interest rate increases really damage income investments.
Our 1st Index we are calling the DYH Preferred Stock Closed End Fund Index. This index is composed of the total value of a
share of each Preferred Stock Closed End Fund we follow on our Preferred Stock - Closed End Funds and ETF page (divided by
2 to make the number manageable). We then track that Index against the 10 year Treasury. We update this on Friday of each
week. It should be noted that all of the closed end funds are leveraged so the movement is exaggerated---but directionally the
same as a non leveraged fund.
We will be doing the same with the Preferred Stock ETF's which are non leveraged--we will launch this one next week.
Here is the first chart of the DYH Preferred Stock Closed End Fund index versus the 10 year Treasury.
As you can see we go back just nine weeks. During this short time frame the 10 year Treasury shot up from a low of around
1.63% to over 2% today. The Index rose until this week when it fell around 1/2% (remember that these closed end funds are
leveraged by about 30% so the 1/2% fall is exaggerated compared to a non leveraged account). So our conclusion so far is that
moves of around 30 basis points in rates will hurt your capital by around 1/4%-1/2% (the equivalent of a $25 preferred falling by
6 to12 cents)----so just now they hurt---but hardly enough to notice.
We have made adjustments in the index to account for the dividends paid by the closed end funds.
While Model is Just 51% Invested We Consider Some Sales
February 1, 2013 Noon
While our new model just started up with a few purchases in November and today is at 51% we must consider options for those
issues that have sprinted way up since purchase.
We purchased Whiting USA Trust II on 12/12/12 for $14.96/share--today it is at $17.26. As we look at the reasons why it fell to
where we bought and where it is now we find - there is no real reason - just folks chasing yield. With a 15% gain in 6 weeks we
will sell 500 shares of our 1000 share position.
B&G Foods is up 10% since purchase on 1/3/13--less than a month ago. There has been some acquisition talk--but we think
they are a fine holding for long term growth so will maintain our position.
TC Pipeline (a MLP) is up 10% on one purchase and 4.3% on our second purchase--all in just a month. We are bullish on fee
based, established pipeline companies and TC fits the bill. We will maintain our positions on this MLP.
Virtually all of our holdings have decent gains (even PetroBakken is getting a nice bump today), but we will maintain (and add
more issues) as there is no sign that income issues have been damaged by the interest rate rise of the last couple weeks.
Vornado Realty Trust Preferred Trades on the NYSE Tomorrow
January 31, 2013 3 pm
Vornado 5.4% Preferred will begin trading tomorrow on the big board. The ticker is VNO-L.
The issue has been trading on the OTC and is 24.70 today.
Issue details are here
Homeowners Choice Inc (a Florida Insurance Company) 8% Debt Now Trading
January 31, 2013 11 am
We are informed by our readers that Homeowners Choice 8% exchange traded debt shares are now trading under the ticker
HCJ.
We covered this on 1/14/2013 below. The details are here.
Shares opened at $25.50 before zooming to $26.40--now at $26.25
We are buyers for ourselves and the model portfolio (hopefully at a reasonable price). These are callable in 3 years instead of
the normal 5 so there is a bit of 'yield to call' risk at these price levels (if they were called in 3 years). We think the likelihood of
them being called then is remote as interest rates will be higher by then ( I think). These are NOT investment grade so the most
conservative investors may not want to consider these shares.
FirstMerit Corp (a Ohio Bank) Launches 5.875% Non Cumulative Preferred
January 30, 2013 11:30 pm
FirstMerit Corp has launched a Non Cumulative Redeemable Preferred stock offering.
The shares are rated low investment grade by both Moodys and S&P--but with negative outlook. The most conservative
income investors should pass this by.
The shares will trade under the symbol of FMCP---but began trading today under the OTC temporary symbol of FMERL. Shares
opened at $24 before moving to $25.00 and closing at $24.50
The details are here.
JP Morgan Sneaks in a $25/share Preferred Issue
January 30, 2013 9 pm
JP Morgan has a 5.45% investment grade (investment grade per S&P--1 grade below per Moodys) non cumulative preferred
stock which will start trading on the OTC market tomorrow.
The shares have the normal terms -- redeemable in 5 years at par plus accrued dividends.
The temporary OTC symbol will be JPMSL. We believe these shares will trade around $24.80---with little upside in the future.
Their 5.5% issue currently trades at $24.98. These shares are good for most all income investors although you will not get rich
buying these shares.
Details are here.
CapLease Inc (a REIT) Preferred Begins Trading
January 30, 2013 4:30 pm
A reader informed us (thanks Howard) that CapLease 7.25% Preferred (ticker:LSE-C) (issue announced below earlier this
month) came to market today. It did not trade on the OTC pre big board. The shares opened at $24 then climbed to a close of
$25.43---wow.
We did not have much interest in this issue, but obviously a lot of folks wanted it bad. If you are interested we would caution
that you not chase this hard--there are too many equal or better opportunities out there. If you want it have some patience and
see if it comes back down somewhat.
Saul Centers Launches $25/Share 6.875% Preferred Offering
January 29, 2013 11:30 pm
Saul Centers (a REIT) has price a new offering of Cumulative, Redeemable Preferred stock at 6.875%. The proceeds will likely
be used to call their 9% and some of their 8% preferred issues currently outstanding. These shares are not rated by Moodys or
S&P. These shares are probably ok if they can be bought at par for most income investors excepting the most conservative
investors.
The ticker will be BFS-C---if a temporary OTC ticker becomes available we will post it.
Details are here.
NuStar Logistics $25 Subordinated Notes Begin Trading---We Will Be Buyers
January 29, 2013 11:30 pm
NuStar Logistics 7.625% notes began trading today on the NYSE. They immediately opened high at $25,74--but drifted down to
close at $25.67 (the shares should move into the $26.00 area very soon). We will buy 600 shares tomorrow around this price.
These notes have a fixed rate until 2018 then the rate floats.
These shares are rated below investment grade but may be appropriate for all income investors except the most conservative.
We covered these below on January 21st---the details are here.
Zions Bancorporation to Issue Fixed to Floating Preferred
January 28, 2013 11 pm
Zions Bancorporation will auction 8 million shares of a non-cumulative perpetual preferred stock -- the interest rate will be
somewhere between 5.3 and 6.3%---to be determined after a dutch auction. Please note that these are only being offered in the
IPO through the Zions Direct Auction site and if you want to get them first you will have to open an account.
The ticker on this issue will be ZB-G when they hit the big board--whether they trade on the OTC is questionable. These shares
are rated B1 by Moodys (recently raised from B3). In an interesting twist they are not redeemable for 10 years.
Some of the details are here.
We have no intention on buying this issue on the IPO---if they trade OTC we may consider them, but the potential rate on them
seems kind of skimpy for a speculatively rated bank. We believe that all investors can do better than this issue--whether you
are conservative or not.
KKR Financial $25 Preferred To Start NYSE Trading Tomorrow
January 27, 2013 11 pm
KKR Financial 7.375% Preferred shares will start trading tomorrow on the big board with the ticker KFP. We purchased these
shares on the OTC market for $25/hare 2 weeks ago. These shares are decent yet for all but conservative investors---but as
you can see you will be paying 2% more than we did buying them on the OTC. When you can get these on the OTC you will
almost always get better pricing--you must use limit orders that are reasonable (essentially around the current trading level--
plus or minus a nickel) and be patient. Not all new issues trade on the OTC prior to big board listing---when they do we try to
show the OTC temporary ticker on this page ASAP.
First Horizon National Corp Selling 6.2% Non Cumulative Preferred
January 24, 2013 11:30 pm
Tennesee banking company First Horizon has announced a 6.2% Non Cumulative, Redeemable Preferred stock.
These are NON cumulative and redeemable in just over 5 years (April, 2013). They are rated Ba1 by Moodys (high speculative
grade). These are likely suitable to all except the most conservative investor.
The NYSE ticker is FHN-A. We will post the OTC symbol when/if one becomes available.
Details are here.
| What is 'The Yield Hunter'? We are not a investment service--nor are we a subscription service. The Yield Hunter website is simply the opinion of 1 person (TK McPartland) who has been investing for almost 40 years--and we love the data. There are not really many good websites for income investors--unless you pay large subscription fees (and then who knows what you are getting). We highlight many securities that we like and buy ourselves. Additionally we run some 'Model Portfolios'-- testing some ideas such as 'buy and hold'--'High Yield'---etc. We do not recommend securities as everyone has their own needs----and we are not licensed investment advisors. |
Updates/Changes/Issues
March 26, 2013--Corrected
dividends and interest on model
March 13, 2013 - Updated all MLP
distributions.
January 18, 2013 - Added
Exchange Traded Debt
Investment Grade to Preferred
Stocks Investment Grade page.
January 14, 2013 - Added 2 more
Canadian Income Issues
January 11, 2013 - Corrected TCF
share number on Model
January 10, 2013 - Corrected
Duke Energy Dividend. Corrected
SunTrust Preferred Ticker
January 9, 2013 - Added 2 more
Canadian Issues
January 8, 2013 - Added 7 more
Canadian Issues.
January 6, 2013 - Added 5 New
Canadian Issues.
December 17, 2012 - started to
add S&P ratings to exchange
traded debt issue page.
November 1, 2012 - added Gas
Natural (ticker:EGAS) to the Utility
listing.
September 12,2012-again
corrected Yield to Call formula
September 9, 2012 - tweaking
the Yield to Call
formula--incorrect formula
meant a minor incorrect result.
September 3, 212 - Changed
Main Menu on front page to 14
point type (was 12 point)
August 27, 2012 - Added a
Business Development Company
(BDC) Section
August 19, 2012 - Added a
Preferred Stock ETF/CDF section.
August 12, 2012 - began adding
'Yield to Call' on Preferred Stock
Pages.
August 9, 2012- added S&P
Investment Grade Preferred
Stock Page
August 9, 2012 - added S&P
Ratings to Preferred Stocks - By
Yield Page
August 8, 2012 - added Carlyle
Group LP to the MLP list.
August 3, 2012 - added Icahn
Enterprises LP to the MLP list.
August 2, 2012 - corrected and
updated High Quality Model
Portfolio and Blended Quality
Portfolios
August 1, 2012 - Google NASDAQ
feed still not working
August 1, 2012 - Corrected High
Quality Portfolio--called issue
PL-D. No value change.
July 31, 2012 - Google NASDAQ
feed not working properly on
quotes.
July 25, 2012 - Corrected High
Yield Model spreadsheet--net
addition of approximately $400 to
WHZ value.
July 16, 2012 - Began adding
S&P ratings to preferred stocks.
July 10, 2012 - Verified
correctness of MLP distributions
- corrected 10. Corrected 2 links.
MLP List
July 5, 2012 - Verified
correctness of REIT
dividends--corrected 7.
Removed 1 conversion to C Corp
from REIT list.
May 26, 2012 - Added Page for
Preferred Issues Callable after
1/1/2013.
May 17, 2012 - Added 3 issues to
the Canadian Income List.
May 2, 2012 - Updated Gladstone
Capital Preferred ticker symbol
(changed exchanges).
March 26, 2013--Corrected
dividends and interest on model
March 13, 2013 - Updated all MLP
distributions.
January 18, 2013 - Added
Exchange Traded Debt
Investment Grade to Preferred
Stocks Investment Grade page.
January 14, 2013 - Added 2 more
Canadian Income Issues
January 11, 2013 - Corrected TCF
share number on Model
January 10, 2013 - Corrected
Duke Energy Dividend. Corrected
SunTrust Preferred Ticker
January 9, 2013 - Added 2 more
Canadian Issues
January 8, 2013 - Added 7 more
Canadian Issues.
January 6, 2013 - Added 5 New
Canadian Issues.
December 17, 2012 - started to
add S&P ratings to exchange
traded debt issue page.
November 1, 2012 - added Gas
Natural (ticker:EGAS) to the Utility
listing.
September 12,2012-again
corrected Yield to Call formula
September 9, 2012 - tweaking
the Yield to Call
formula--incorrect formula
meant a minor incorrect result.
September 3, 212 - Changed
Main Menu on front page to 14
point type (was 12 point)
August 27, 2012 - Added a
Business Development Company
(BDC) Section
August 19, 2012 - Added a
Preferred Stock ETF/CDF section.
August 12, 2012 - began adding
'Yield to Call' on Preferred Stock
Pages.
August 9, 2012- added S&P
Investment Grade Preferred
Stock Page
August 9, 2012 - added S&P
Ratings to Preferred Stocks - By
Yield Page
August 8, 2012 - added Carlyle
Group LP to the MLP list.
August 3, 2012 - added Icahn
Enterprises LP to the MLP list.
August 2, 2012 - corrected and
updated High Quality Model
Portfolio and Blended Quality
Portfolios
August 1, 2012 - Google NASDAQ
feed still not working
August 1, 2012 - Corrected High
Quality Portfolio--called issue
PL-D. No value change.
July 31, 2012 - Google NASDAQ
feed not working properly on
quotes.
July 25, 2012 - Corrected High
Yield Model spreadsheet--net
addition of approximately $400 to
WHZ value.
July 16, 2012 - Began adding
S&P ratings to preferred stocks.
July 10, 2012 - Verified
correctness of MLP distributions
- corrected 10. Corrected 2 links.
MLP List
July 5, 2012 - Verified
correctness of REIT
dividends--corrected 7.
Removed 1 conversion to C Corp
from REIT list.
May 26, 2012 - Added Page for
Preferred Issues Callable after
1/1/2013.
May 17, 2012 - Added 3 issues to
the Canadian Income List.
May 2, 2012 - Updated Gladstone
Capital Preferred ticker symbol
(changed exchanges).
| Articles Published On Seeking Alpha by The Yield Hunter General American Investors Keeps Preferred Buyback in Place December 19, 2011 3 High Yield HealthCare REITs We Like Now June 2, 2011 A Surprise Call of Fifth Third Bancorp Trust Preferred May 29, 2011 A Case for Liquidation of SuperTel Hospitality May 13, 2011 2 Retail REITS to Avoid May 2, 2011 Glacier Water Services: Little Known Stock with a Tasty 9% Yield April 26, 2011 |
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The Yield Hunter
We Hate Compressco Partners LP--We Bought it (5/9/2013
9:15 am) UPDATE - Sold for 20.74 (5/10/2013 Noon)
Arbor Realty Trust Sells a 7.75% Cumulative Preferred Issue
(5/6/2013 10 pm) UPDATE Trades OTC 5/8/2013 with Temp
Ticker ABRBP
Arlington Asset Investment 6.625% Senior Notes Now Trading
(thanks to reader Steve) (5/6/2013 10 am)
Saratoga Investment Corp (a BDC) Sells 7.50% Notes (5/3/2013
11:30 PM)
Tsakos Energy Navigation Sells a 8% Cumulative Preferred
Offering (5/3/2013 7 am)
Tsakos Energy Navigation is not a strong company--we pass on this one.
Teekay Offshore Partners 7.25% Preferred to Trade Today
(5/2/20013 7 am)
We are buying for the model
We Have Unloaded Oil Related Issues (5/1/2013 Noon) Enough
Pain and They have Hurt The Model -- Strategy Shift Coming
Ellington Residential Mortgage REIT Launches at $20/Share
(5/1/2013 11 am)
BB&T Sells a 5.20% Non Cumulative Preferred Issue -- NOW
Trading OTC - Temp Ticker BBTTL (4/30/2013 11 pm)
US Bancorp Sells a 5.15% Non Cumulative Preferred Issue--To
Trade 5/1/2013 OTC - Temp Ticker USBPL (4/30/2013 11 pm)
Zions Bancorporation Prices Non Cumulative Preferred at 5.75%
(4/29/2013 11:30 am) Update - Trades 5/1/2013 on OTC Temp
Ticker ZIOBL
WR Berkley Prices 5.625% Subordinated Debentures (Thanks to
a Reader)( 4/26/2013)
To Call 6.75% Trust Preferred Shares
With a Oil Pop We Lighten Again on Petrobakken and Ponder an
MLP Addition (4/24/2013 Noon)
We sold 500 shares of Petrobakken from Model and are doing Due
Diligence on a MLP Addition
Arlington Asset Investment Sells 6.625% Senior Notes
(4/24/2013 7 am)
CYS Investments (a mREIT) Sells 7.50% Preferred Offering
(4/23/2013 3 pm )(OTC Ticker CYSBP)
Have Purchased 300 Shares of Boston Private Financial
Holdings Preferred for Model (4/23/2013 11 am)
A decent issue at just under 7%
Teekay Offshore Partners LP To Sell Cumulative Preferred -
Prices At 7.25% (Update 4/23/2013 3 pm)
Goldman Sachs Group Sells 5.5% Fixed/Floating Non Cumulative
Preferred (4/23/2013 7 am) Temp OTC Ticker GSGIL
Boston Private Financial Holdings Sells 6.95% Non Cumulative
Preferred (4/18/2013 8 pm) Temp OTC Ticker BPFVL
New REIT 'Hannon Armstrong Sustainable Infrastructure
Capital' Launches (4/18/2013 9 am)
Are You Positioned Correctly for Rough Markets? (4/17/2013
11:45 pm)
Update First Republic Bank to Sell 5.50% Preferred Issues
(4/16/2013 4 pm)(4/17/2013 8 am)
Likely will be investment grade at a guesstimated coupon of 5.37%
We Have Let LTC Properties Go From the Model (4/16/2013
Noon)
We have let this go at a 7% gain in 3 weeks--we await a setback and a
possible repurchase
Dynex Capital Trades OTC with Temp Ticker DXPBP Tomorrow
(4/15/2013 6 pm)
Might Be Worth a Shot at wholesale prices and cheap
Boston Explosions Add to Todays Market Setback (4/15/2013
3:45 pm)
Recycle - When You Hold Too Many MLP's and BDC's You Get
Hammered (4/3/2013 8 pm) (4/15/2013 9 am)
New Issues Page - Starting From 1/1/2013
(4/14/2013 3 pm) We have added a new page with a chronological
ordered list of new issues. This page is linked above in the main menu.
Dynex Capital (a REIT) Sells 7.625% Preferred Issue (4/13/2013
11 am)
Goodrich Petroleum Preferred to Trade on NYSE Tomorrow
(Now at $25 on OTC)(4/11/2013 2 pm)
The Yield Hunter Strategy for the Next 3 Months
(4/10/2013 11:15 am)
Texas Capital Bancshares Preferred, Digital Realty Trust
Preferred Trade NYSE Tomorrow (4/9/2013 7 pm)
Stag Industrial (a REIT) to Come with a New 6.625% Preferred
Issue (Thanks to a Reader) (4/9/2013 12:45 pm) To Trade OTC
4/11/2013 Temp Ticker STGIB (4/10/2013 Noon)
We Have Let Go of 500 Shares of Petrobakken on the Large
Share Jump (4/9/2013 10:30 am)
MFA Financial (a REIT) to Issue 7.50% Cumulative Preferred
Stock (4/8/2013 11 pm) (Temp OTC Ticker MFABP)
Hold on to Your Hats--Could be a Rough Ride Today --These
Employment Numbers are Really Bad (4/5/2013 7:30 am)
Goodrich Petroleum Announces Junky 10% Cumulative
Preferred Offering (4/5/2013 5 am) (Temp OTC Ticker GDPAL)
Northstar Realty Finance (a REIT) Sells a 8.50% Preferred Issue
(4/4/2013 9 pm)
When You Hold Too Many MLP's and BDC's You Get Hammered
(4/3/2013 8 pm)
The Hanover Insurance Group Debentures Now Trading - We
Are Buying (thanks to our Reader for Notification) (4/2/13 11 am)
Digital Realty Trust (a REIT) Announces 5.875% Preferred Issue
(4/2/2013 10:30 am) Temp Ticker DGLRP
Time to Let General Mills Common Shares Go (4/1/2013 8 am)
Newer MLP Southcross Energy LP Lays an Egg -- Drops
$5.50/share (3/28/2013 10 pm)
Citigroup Inc Sells a Noncumulative Preferred Issue (now
trading NYSE) (3/28/2013 9 am)
We are Looking for an Entry Point for a 1/2 Position in LTC
Properties (a REIT) (3/27/2013 9:30 am)
Took 200 Shares at $40.20 at Noon
Texas Capital Bancshares Sells a 6.50% Non Cumulative
Preferred Issue (now trading) (3/26/2013 7:30 am)
DDR Corp (a REIT) Sells 6.25% Preferred Issue (3/26/2013 7 am)
Ventas Realty Sells Investment Grade 5.45% Senior Notes (Now
trading) (3/24/2013 10 pm)
The Hanover Insurance Group Offers 6.35% Subordinated
Debenture (3/22/2013 11 pm)
A Decent issue--we will buy for the model
We Will Add a PURE INVESTMENT GRADE Super Conservative
Portfolio (3/20/2013 10:30 pm)
We Have Sold TC Pipelines (a MLP) From the Model (3/19/2013
10:15 am)
Wells Fargo Offers 5.25% Non Cumulative Preferred Issue
(3/19/2013 7:30 am)
Boston Properties Announces Investment Grade 5.25%
Cumulative, Preferred (3/18/2013 9 pm)
PPL Capital Funding Sells 5.9% Jr Subordinated Notes
(3/18/2013 4 pm)
Interstate Power and Light Sells 5.1% Cumulative, Preferred
Stock (3/18/2013 3pm)
NEVER FORGET -- this Market Will Setback (3/17/2013 10 pm)
Preferred Stock Closed End Funds 'Hammered' Today
(3/15/2013 10 pm).
Model Portfolio Adjustments for Friday (3/15/2013 8 am)
PS Business Parks 5.7% Preferred Trades on the NYSE
Tomorrow (Friday) (3/14/2013 Noon)
Pebblebrook Hotels Sells 6.50% Preferred Shares (3/14/2013
Noon)
Astoria Financial Corp to Sell 6.50% Preferred Issue (3/14/2013
7:30 am)
REIT iStar Financials Launches a Convertible Preferred Issue
--Trades On OTC Tomorrow(3/13/2013 10:30 pm)
New Public Storage Preferreds Trade on the NYSE Tomorrow
(Thursday) (3/13/2013 9:30 pm)
Summit Hotel Properties (a REIT) Sells a 7.125% Cumulative
Preferred Issue (3/13/2013 9 pm)
Giant Retail REIT Taubman Centers Offers 6.25% Preferred
(Update 3/12/2013 10 pm) Trades Wednesday with Temp OTC
Symbol TCOPP
We Will Share Our Spreadsheets Sunday Night for 2 Days
(3/9/2013 11 PM)
We Will Add a Canadian Food Company to the Model Tomorrow
(3/7/2013 9 pm)
REIT PS Business Parks Comes with a 5.7% Preferred Issue
(3/6/2013 2 pm)
Public Storage Comes to the Trough Once Again With a 5.2%
Preferred (3/5/2013 11 pm)
We Will Buy MVC Capital 7.25% Senior Notes Today (3/5/2013
8:30 am)
Investment Grade FirstMerit 5.875% Preferred Trades on NYSE
Today (3/5/2013 8 am)
Model Portfolio Activity for Monday (3/3/2013 11 pm)
Silver Bay Realty Trust - Still Not for The Income Investor
(3/3/2013 Noon)
MVC Capital 7.25% Senior Notes Now Trading (3/1/2013 9:30 am)
We Hate Compressco Partners LP--We Bought it (5/9/2013
9:15 am) UPDATE - Sold for 20.74 (5/10/2013 Noon)
Arbor Realty Trust Sells a 7.75% Cumulative Preferred Issue
(5/6/2013 10 pm) UPDATE Trades OTC 5/8/2013 with Temp
Ticker ABRBP
Arlington Asset Investment 6.625% Senior Notes Now Trading
(thanks to reader Steve) (5/6/2013 10 am)
Saratoga Investment Corp (a BDC) Sells 7.50% Notes (5/3/2013
11:30 PM)
Tsakos Energy Navigation Sells a 8% Cumulative Preferred
Offering (5/3/2013 7 am)
Tsakos Energy Navigation is not a strong company--we pass on this one.
Teekay Offshore Partners 7.25% Preferred to Trade Today
(5/2/20013 7 am)
We are buying for the model
We Have Unloaded Oil Related Issues (5/1/2013 Noon) Enough
Pain and They have Hurt The Model -- Strategy Shift Coming
Ellington Residential Mortgage REIT Launches at $20/Share
(5/1/2013 11 am)
BB&T Sells a 5.20% Non Cumulative Preferred Issue -- NOW
Trading OTC - Temp Ticker BBTTL (4/30/2013 11 pm)
US Bancorp Sells a 5.15% Non Cumulative Preferred Issue--To
Trade 5/1/2013 OTC - Temp Ticker USBPL (4/30/2013 11 pm)
Zions Bancorporation Prices Non Cumulative Preferred at 5.75%
(4/29/2013 11:30 am) Update - Trades 5/1/2013 on OTC Temp
Ticker ZIOBL
WR Berkley Prices 5.625% Subordinated Debentures (Thanks to
a Reader)( 4/26/2013)
To Call 6.75% Trust Preferred Shares
With a Oil Pop We Lighten Again on Petrobakken and Ponder an
MLP Addition (4/24/2013 Noon)
We sold 500 shares of Petrobakken from Model and are doing Due
Diligence on a MLP Addition
Arlington Asset Investment Sells 6.625% Senior Notes
(4/24/2013 7 am)
CYS Investments (a mREIT) Sells 7.50% Preferred Offering
(4/23/2013 3 pm )(OTC Ticker CYSBP)
Have Purchased 300 Shares of Boston Private Financial
Holdings Preferred for Model (4/23/2013 11 am)
A decent issue at just under 7%
Teekay Offshore Partners LP To Sell Cumulative Preferred -
Prices At 7.25% (Update 4/23/2013 3 pm)
Goldman Sachs Group Sells 5.5% Fixed/Floating Non Cumulative
Preferred (4/23/2013 7 am) Temp OTC Ticker GSGIL
Boston Private Financial Holdings Sells 6.95% Non Cumulative
Preferred (4/18/2013 8 pm) Temp OTC Ticker BPFVL
New REIT 'Hannon Armstrong Sustainable Infrastructure
Capital' Launches (4/18/2013 9 am)
Are You Positioned Correctly for Rough Markets? (4/17/2013
11:45 pm)
Update First Republic Bank to Sell 5.50% Preferred Issues
(4/16/2013 4 pm)(4/17/2013 8 am)
Likely will be investment grade at a guesstimated coupon of 5.37%
We Have Let LTC Properties Go From the Model (4/16/2013
Noon)
We have let this go at a 7% gain in 3 weeks--we await a setback and a
possible repurchase
Dynex Capital Trades OTC with Temp Ticker DXPBP Tomorrow
(4/15/2013 6 pm)
Might Be Worth a Shot at wholesale prices and cheap
Boston Explosions Add to Todays Market Setback (4/15/2013
3:45 pm)
Recycle - When You Hold Too Many MLP's and BDC's You Get
Hammered (4/3/2013 8 pm) (4/15/2013 9 am)
New Issues Page - Starting From 1/1/2013
(4/14/2013 3 pm) We have added a new page with a chronological
ordered list of new issues. This page is linked above in the main menu.
Dynex Capital (a REIT) Sells 7.625% Preferred Issue (4/13/2013
11 am)
Goodrich Petroleum Preferred to Trade on NYSE Tomorrow
(Now at $25 on OTC)(4/11/2013 2 pm)
The Yield Hunter Strategy for the Next 3 Months
(4/10/2013 11:15 am)
Texas Capital Bancshares Preferred, Digital Realty Trust
Preferred Trade NYSE Tomorrow (4/9/2013 7 pm)
Stag Industrial (a REIT) to Come with a New 6.625% Preferred
Issue (Thanks to a Reader) (4/9/2013 12:45 pm) To Trade OTC
4/11/2013 Temp Ticker STGIB (4/10/2013 Noon)
We Have Let Go of 500 Shares of Petrobakken on the Large
Share Jump (4/9/2013 10:30 am)
MFA Financial (a REIT) to Issue 7.50% Cumulative Preferred
Stock (4/8/2013 11 pm) (Temp OTC Ticker MFABP)
Hold on to Your Hats--Could be a Rough Ride Today --These
Employment Numbers are Really Bad (4/5/2013 7:30 am)
Goodrich Petroleum Announces Junky 10% Cumulative
Preferred Offering (4/5/2013 5 am) (Temp OTC Ticker GDPAL)
Northstar Realty Finance (a REIT) Sells a 8.50% Preferred Issue
(4/4/2013 9 pm)
When You Hold Too Many MLP's and BDC's You Get Hammered
(4/3/2013 8 pm)
The Hanover Insurance Group Debentures Now Trading - We
Are Buying (thanks to our Reader for Notification) (4/2/13 11 am)
Digital Realty Trust (a REIT) Announces 5.875% Preferred Issue
(4/2/2013 10:30 am) Temp Ticker DGLRP
Time to Let General Mills Common Shares Go (4/1/2013 8 am)
Newer MLP Southcross Energy LP Lays an Egg -- Drops
$5.50/share (3/28/2013 10 pm)
Citigroup Inc Sells a Noncumulative Preferred Issue (now
trading NYSE) (3/28/2013 9 am)
We are Looking for an Entry Point for a 1/2 Position in LTC
Properties (a REIT) (3/27/2013 9:30 am)
Took 200 Shares at $40.20 at Noon
Texas Capital Bancshares Sells a 6.50% Non Cumulative
Preferred Issue (now trading) (3/26/2013 7:30 am)
DDR Corp (a REIT) Sells 6.25% Preferred Issue (3/26/2013 7 am)
Ventas Realty Sells Investment Grade 5.45% Senior Notes (Now
trading) (3/24/2013 10 pm)
The Hanover Insurance Group Offers 6.35% Subordinated
Debenture (3/22/2013 11 pm)
A Decent issue--we will buy for the model
We Will Add a PURE INVESTMENT GRADE Super Conservative
Portfolio (3/20/2013 10:30 pm)
We Have Sold TC Pipelines (a MLP) From the Model (3/19/2013
10:15 am)
Wells Fargo Offers 5.25% Non Cumulative Preferred Issue
(3/19/2013 7:30 am)
Boston Properties Announces Investment Grade 5.25%
Cumulative, Preferred (3/18/2013 9 pm)
PPL Capital Funding Sells 5.9% Jr Subordinated Notes
(3/18/2013 4 pm)
Interstate Power and Light Sells 5.1% Cumulative, Preferred
Stock (3/18/2013 3pm)
NEVER FORGET -- this Market Will Setback (3/17/2013 10 pm)
Preferred Stock Closed End Funds 'Hammered' Today
(3/15/2013 10 pm).
Model Portfolio Adjustments for Friday (3/15/2013 8 am)
PS Business Parks 5.7% Preferred Trades on the NYSE
Tomorrow (Friday) (3/14/2013 Noon)
Pebblebrook Hotels Sells 6.50% Preferred Shares (3/14/2013
Noon)
Astoria Financial Corp to Sell 6.50% Preferred Issue (3/14/2013
7:30 am)
REIT iStar Financials Launches a Convertible Preferred Issue
--Trades On OTC Tomorrow(3/13/2013 10:30 pm)
New Public Storage Preferreds Trade on the NYSE Tomorrow
(Thursday) (3/13/2013 9:30 pm)
Summit Hotel Properties (a REIT) Sells a 7.125% Cumulative
Preferred Issue (3/13/2013 9 pm)
Giant Retail REIT Taubman Centers Offers 6.25% Preferred
(Update 3/12/2013 10 pm) Trades Wednesday with Temp OTC
Symbol TCOPP
We Will Share Our Spreadsheets Sunday Night for 2 Days
(3/9/2013 11 PM)
We Will Add a Canadian Food Company to the Model Tomorrow
(3/7/2013 9 pm)
REIT PS Business Parks Comes with a 5.7% Preferred Issue
(3/6/2013 2 pm)
Public Storage Comes to the Trough Once Again With a 5.2%
Preferred (3/5/2013 11 pm)
We Will Buy MVC Capital 7.25% Senior Notes Today (3/5/2013
8:30 am)
Investment Grade FirstMerit 5.875% Preferred Trades on NYSE
Today (3/5/2013 8 am)
Model Portfolio Activity for Monday (3/3/2013 11 pm)
Silver Bay Realty Trust - Still Not for The Income Investor
(3/3/2013 Noon)
MVC Capital 7.25% Senior Notes Now Trading (3/1/2013 9:30 am)
External Information
Is Japan on the Way to Bankruptcy? (4/21/2013 8 pm)
Long Winter Harming Germany Economy (4/10/2013 7:30 am)
Another Reason Europe is a Disaster Underwater Netherlands
Falls Prey to Economic Crisis (4/3/2013 8:30 am)
REITs Casting Wider Nets as 'Class A' Senior Housing Assets Get
Scarce (3/28/2013 10 pm)
Fed Governors Believe mREITs May Be Taking Too Much Risk
(3/28/2013 1 pm)
'High Yield Investments for Income' Dana Anspach is a very
Reasonable Writer (3/23/2013)
A Couple Nice REITs (at least at a little lower price). My Top 2 REITs
to Boost Your Retirement Savings (3/21/2013)
A Thought Provoking Article on MLPs - 'The Coming MLP Meltdown'
(3/15/2013)
Is Japan on the Way to Bankruptcy? (4/21/2013 8 pm)
Long Winter Harming Germany Economy (4/10/2013 7:30 am)
Another Reason Europe is a Disaster Underwater Netherlands
Falls Prey to Economic Crisis (4/3/2013 8:30 am)
REITs Casting Wider Nets as 'Class A' Senior Housing Assets Get
Scarce (3/28/2013 10 pm)
Fed Governors Believe mREITs May Be Taking Too Much Risk
(3/28/2013 1 pm)
'High Yield Investments for Income' Dana Anspach is a very
Reasonable Writer (3/23/2013)
A Couple Nice REITs (at least at a little lower price). My Top 2 REITs
to Boost Your Retirement Savings (3/21/2013)
A Thought Provoking Article on MLPs - 'The Coming MLP Meltdown'
(3/15/2013)
 |
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